Member of Parliament for Bolgatanga Central Constituency Isaac Adongo has described the introduction of new denominations by the Bank of Ghana as archaic.
He noted in a tweet that the increasing Ghana’s highest currency denomination by four fold to GHc200 is an 18th century monetary policy.
He said people should not be made to carry huge amounts on them in a modern economy where cashless system should have been the order of the day.
‘Increasing Ghana’s highest currency denomination by four fold to Ghc200 is 18th century monetary policy.
In a modern economy where we should be carrying less cash, we are enabling people to carry Ghc20k in one pocket, Ghc80k in four pockets and Gh120k with breast pockets’
The Bank of Ghana on Friday, November 29, 2019 introduced two new higher denominations of the Ghana notes and a coin.
The currencies are GHc100, GHc200 notes and GHc2 coin expected to begin circulation on December 2 to complement the existing currencies in circulation.
Most people have expressed disappointment in the government for introducing new currencies instead of focusing on more developmental projects.